Westminster Pet Products, a developer and marketer of pet treats and products, is in the later stages of a sale process via William Blair, according to three sources familiar with the matter.

Cumberland, Rhode Island-based Westminster is owned by AUA Private Equity Partners and has an EBITDA of around USD 12m, the sources said. Second-round bids were collected in early May, according to one of the sources.

Three of the sources said the company is seeking a valuation in the high-single digits of EBITDA, with two of them noting that bids came in at around 8x-9x EBITDA.

While the pet consumables (e.g., food, and treats) market remains steady, one of the sources noted a softening of the pet products sector, which received significant tailwinds during COVID-19, but has now tapered off.

Westminster sells more than 600 products, including chews, treats, toys, waste management, collars, leashes and other accessories, according to its website. Its brands include Chomp’ems, Healthfuls, Ruffin’ it, Pet ‘n Shape, Lil’ Squirts and Perfect Pet.

AUA announced its acquisition of Westminster in September 2020 for undisclosed terms. Later that month, the company announced the acquisition of Pet ‘n Shape.

Westminster Pet, William Blair and AUA did not respond to requests for comment.